It stands for Rub Wieners. It is a phrase representative of the feeling one gets when two dicks are rubbed together. Not typically stated by an actual homosexual. The phrase is and can be used in many different ways:

1.) A greeting and a farewell. (Typically a farewell)

2.) Yelled when excited about something. For example, a great play in football or basketball.

3.) It can even be used when angry at someone or something, but not as often.